In its original sense, digitization describes the conversion of analog information into digital data.
Digital formats can be processed much more flexibly and quickly than analog information. The term is now also used synonymously for the increasing use of IT in the economic/social context and the processes that have changed as a result:
Digitization often offers new application options… One example is the development of digital photography and especially the triumph of cell phone cameras. Even though the quality of smartphone cameras was rather poor for a long time, new possibilities, such as mobility combined with social media, created a completely new consumer behavior.
The digital cell phone camera opens up completely new options.
Image: Laura6 via Pixabay
For companies, digitization means not only the digital transformation of analog processes, but also a radical change in business models. In Germany, the synonym Industry 4.0 is often used for this.
Advancing digitization will also transform work content and the organization of production and work processes. It is changing the way companies interact with their customers, and often their revenue streams. This is putting pressure on many long-established companies. It is a challenging time for them to take these changes into account – in order to continue to be attractive for end consumers and buyers.
